Biden Administration’s Infrastructure Proposal Includes Housing, Energy Provisions

Wednesday, March 31, 2021 - 10:45am

The Biden administration today released a fact sheet on its $2.25 trillion infrastructure proposal. The American Jobs Plan includes provisions to build, preserve or retrofit more than 2 million affordable and energy efficient homes with an investment of $213 billion through tax credits, formula funding, grants and project-based rental assistance; enactment of the Neighborhood Homes Investment Act to build and rehabilitate more than 500,000 homes for low- and middle-income homebuyers; provision of $40 billion to improve public housing; investment of $20 billion in regional innovation hubs to spark new economic activity; and a proposed 10-year extension and phase down of direct-pay renewable energy production tax credit (PTC) and investment tax credit (ITC). The plan also calls for a boost of the corporate tax rate to 28%, replacement of the Base Erosion Anti-Abuse Tax (BEAT) from 2017 tax reform and more.

A Notes from Novogradac blog post explains the plan and the road ahead. The effect of the plan on affordable housing will be discussed at the Novogradac 2021 Affordable Housing Virtual Conference, April 29-30.